TSB has intensified a competition among banks regarding current account switching by introducing a promotion offering up to £200 in cash. The high street bank’s latest move signifies increasing rivalry in the banking sector.
Customers opening a TSB Spend or Save, or Spend & Save Plus current account can qualify for the cash incentive. To receive an initial £150 bonus, they must complete the switch process, log into the TSB mobile banking app, deposit £1,000 into the account by March 20, 2026, and make at least five debit card payments by the same date. The £150 bonus will be paid by April 7 upon meeting these conditions.
Furthermore, customers can earn an extra £50 by depositing an additional £1,000 into their TSB account in April, receiving the cash by May 31. Additionally, opening a new Spend & Save or Spend & Save Plus account allows customers to earn £5 cashback per month for the first six months, with Spend & Save Plus costing £3 per month. To qualify for the cashback, they need to make a minimum of 20 debit card payments each month to any recipient.
The account switching process must be completed using the Current Account Switch Service (CASS). Unlike some banks that exclude existing customers, TSB allows current customers who previously opened a TSB personal current account to participate by completing a full switch using the CASS service.
Carys Barnes, TSB’s head of current accounts and savings, highlighted the value of the offer, stating that the opportunity to earn up to £200 provides customers with a compelling reason to bank with TSB as they evaluate their financial options in the New Year.
While TSB’s previous switching bonus was £150 until November last year, it falls short of the current highest paying bonus offered by Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum accounts at £250, paid within 40 working days of the switch.
Other banks like Santander, with its Edge account offering £200 and 1% cashback on selected bills, and First Direct, known for exceptional customer service, with a £175 bonus on its 1st Account and 7% interest on the Regular Saver account, also present attractive options for customers considering switching banks.
Alastair Douglas, chief executive of TotallyMoney, emphasized the benefits of switching banks, noting that loyalty may not be rewarded, but transferring accounts to banks like TSB, First Direct, HSBC, Lloyds, Nationwide, and Santander can be financially beneficial, with the Current Account Switch Guarantee ensuring a seamless and efficient process within seven days.